FOR IMMEDIATE RELEASE
MR. WILLIAM E. MAYER, HON. J. DOUGLAS
HOLLADAY AND MR. RUSSELL F. PEPPET HAVE COMBINED THEIR ADVISORY PRACTICE WITH
SOURCE COMPANIES, LLC AND de VISSCHER & CO, TWO FOUNDING MEMBERS OF BUSINESS
GROWTH ALLIANCE, LLC.
Pittsburgh, PA, Greenwich, CT., New York, NY and Washington,
DC (April 5, 2006). Business Growth Alliance, LLC is pleased to announce that
Messrs. William E. Mayer, J. Douglas Holladay and Russell F. Peppet have entered
into an agreement with two founding members of BGA, Source Companies, LLC and
de Visscher & Co., to combine their financial advisory and investment banking
activities, which were previously conducted within Park Avenue Equity Partners.
“Our original intent when founding Park Avenue Equity
Partners was to focus solely on investing our personal capital along with funds
from some of our friends’ family offices. However, during the past eight
years, we found a considerable demand for our financial advisory input from
families that owned well-established middle market companies. We decided that
it would be most efficient if we could find a quality firm with which to combine
our advisory practice. Doug Holladay and I have known James Bly for a number
of years and, as we learned about the plans that he and Francois de Visscher
had developed for Business Growth Alliance, we concluded that combining our
activities with their firms was the right thing for us to do,” said Mr.
Mayer.
Mr. Holladay added, “We have always believed that well-run,
growing and profitable, privately owned businesses are material economic contributors
to their regions and an important ingredient in the social fabric of communities.
The owners of most such companies operate them in a way so as to have a purpose
beyond profit. Recognizing that both de Visscher and Source have traditionally
shared a practice view that embraces this important role, which is served by
such companies, we felt that it would be beneficial for us to combine practices
and join in their efforts to build the Business Growth Alliance.”
Mr. Peppet, who has considerable experience in running professional
consulting organizations, indicated that he was particularly impressed with
how Source and de Visscher have integrated growth advisory and investment banking
services to meet the long-term needs of middle market businesses and their controlling
owners. “The combination of experienced people, performance-based analytical
tools, the practical knowledge that comes from a long history of successful
results for clients, and shared research and proprietary performance data is
something not typically available for owners of middle market companies. The
depth of capabilities available within Source and de Visscher, when combined
with the other affiliates of BGA, are truly exceptional,“ he said.
The combination of these practices results in strengthening
Source’s and de Visscher’s position as two of the nation's leading
independent growth advisory and investment banking firms, which serve prominent
family-owned and closely-held companies. The Firms’ clients include companies
owned by individuals listed among the Forbes 400 and businesses listed on Forbes’
list of the Largest Private Companies, Family Business Magazine’s rankings
of the Oldest Family Companies in America, America’s 150 Largest Family
Companies, The World’s Oldest Family Companies, the World’s 250
Largest Family Firms, and many other noteworthy family-owned and closely-held,
middle market companies including companies owned by individuals, families,
trusts, buyout and private equity funds, and as subsidiaries of larger businesses.
“As pillars of our communities, family and closely-held
businesses today require the most experienced and caring financial and growth
advisory services to address their multiple business and ownership challenges.
Bill, Doug and Russ bring a unique breadth of experience, understanding and
expertise in solving the complex and delicate issues of business owning families.
We are excited to have them join our team in furthering BGA’s mission
of promoting the long-term success of family businesses and their owners,”
said Francois M. de Visscher, Founder and President of de Visscher & Co.
“Francois and I are honored to have these three exceptionally
experienced, committed and well-connected gentlemen join us as Principals. Bill,
Russ and Doug will add considerable depth to our practices. It is heartening
to know that our plans for BGA are attracting the interest of such capable fellows.
Their involvement will further ensure our success in building BGA to become
the leading national firm providing growth advisory and investment banking services
for family-owned and other closely held, medium-sized companies,” said
James C. Bly, Jr., Founder, Chairman and CEO of Source Companies, LLC.
As part of this new arrangement, Messrs. Mayer, Holladay and
Peppet have become Managing Directors of both Source and de Visscher & Co.;
Mr. Bly has become a Managing Director of de Visscher & Co; Mr. de Visscher
has become a Managing Director of Source Companies, LLC; and Mr. Peppet has
become a Member of the BGA Board of Directors.
ABOUT MESSRS. MAYER, HOLLADAY AND PEPPET
Mr. William E. Mayer founded Park Avenue Equity Partners in
1999, and, in addition to his Managing Director responsibilities with Source
Companies, LLC and de Visscher & Co., he remains its Senior Partner. Mr.
Mayer has had an illustrious career in investment banking and financial advisory
activities, as well as educational and philanthropic initiatives. He is renowned
for the advisory guidance and transactional assistance he has provided to many
significant business-owning families. Until January 1991, Mr. Mayer worked for
The First Boston Corporation (now Credit Suisse), a major global investment
bank. During his 23 year career at First Boston, he held numerous management
positions including President and Chief Executive Officer. From 1996 until the
formation of Park Avenue, Mr. Mayer was a founding Partner of Development Capital,
which invested in private and public companies. From 1992 until December 1996,
Mr. Mayer was a professor and Dean of the College of Business and Management
at the University of Maryland. From 1991 to 1992, he served as a professor and
Dean of the Simon Graduate School of Business at the University of Rochester.
Mr. Mayer is currently a board member of the following public companies: Lee
Enterprises, Reader's Digest, and is a trustee of the Columbia Group of Mutual
Funds. Over the past 25 years, he has been a board member of numerous other
public and private companies. Mr. Mayer has also served since 2000 as the Chairman
of the Aspen Institute and he is a member of The University of Maryland's Board
of Trustees. Mr. Mayer was a First Lieutenant in the U.S. Air Force. He holds
a BS and an MBA from the University of Maryland.
Hon. J. Douglas Holladay has been a partner in Park Avenue
Equity Partners since 1999, and he will now also serve as a Managing Director
of both de Visscher & Co. and Source Companies, LLC. Mr. Holladay is a former
senior officer of Goldman Sachs & Co. in New York. He also served in various
senior positions at the White House and State Department including serving as
the U.S. Ambassador to South Africa. Mr. Holladay has served on numerous non-profit
boards and Presidential Commissions including: Morehouse College, University
of North Carolina School of Public Health, United Way International, One to
One Mentoring Partnership, University of Virginia Institute for Advanced Studies
in Culture, Harvard University Divinity Center for the Study of Values in Public
Life, and the Ethiopia Opportunity Fund. Mr. Holladay has also served on numerous
public and private company boards including: Clark/Bardes, CNL Hotels &
Resorts Inc., Sunrise Senior Living Inc., and Canopy LLC (Revolution Company).
Mr. Holladay was Executive Producer of the award-winning PBS documentary, “The
Question of God.”
Mr. Russell F. Peppet has considerable experience in business
strategy and development, and corporate finance and private equity investment.
He will now serve as a Managing Director of both Source Companies, LLC and de
Visscher & Co. Mr. Peppet spent 28 years with KPMG Peat Marwick holding
various positions including Vice Chairman, Management Consulting. Mr. Peppet
then moved into the private equity field, as Vice Chairman and Principal at
Quirk Carson Peppet Inc., as a Principal at Churchill Capital, Inc., and as
a consultant to Park Avenue Equity Partners before joining that firm as a principal.
Mr. Peppet has also served on the boards of numerous other private and public
companies as well as the Executive Council for Foreign Diplomats, and as Chairman
of American Field Services (AFS–USA) for 6 years. He is also actively
involved in the Fairfield County Microenterprise Investors Council (FCMIC),
a group that is involved in establishing microenterprise loan programs in Ecuador,
Chile and the Dominican Republic. He holds a BS from Michigan State University
and an MBA from Northwestern University.
ABOUT BGA
Business Growth Alliance, LLC (BGA) is a National Network
of seasoned, professional services firms, which are dedicated to providing growth
advisory and investment banking services to middle market and family-owned companies
and their principals. In addition to their core growth advisory and investment
banking services, BGA Member Firms collaborate to address the strategic growth,
capital formation, owner liquidity, and governance needs of such businesses
and their owners. The eight Founding Affiliate Members of BGA include: de Visscher
& Co., Source Companies, LLC, yet2.com, The Pursuit Group, Tenzing Consulting,
Value Defined Middle Market, LLC, Asher Training, and US China Business Solutions
Inc. More information concerning BGA can be found on its website: www.bgallc.net.
ABOUT de VISSCHER & CO.
de Visscher & Co., based in Greenwich, CT, is one of the
nation's leading independent financial consulting and investment banking firms
for family-owned and closely-held companies. Since its founding in 1990, de
Visscher & Co. has assisted hundreds of business owning families in designing
and implementing solutions to the liquidity and wealth planning needs of the
shareholders, the growth capital needs of the family business, and the control
and governance structures required for successful generational transitions.
ABOUT SOURCE COMPANIES, LLC
Source Companies LLC (Source) is a leading multi-disciplinary
professional practice that provides services related to the strategic growth,
capital formation, owner liquidity, and business transition needs of privately
owned businesses and their owners. Source specializes in providing such services
to family-owned and other closely held, medium sized businesses. Source, which
is headquartered in Pittsburgh, PA, was founded in 1982.
To Contact BGA:
Manning J. O’Connor II
Executive Director
Business Growth Alliance, LLC
1606 Carmody Court
Blaymore 1, Suite 300
Sewickley, PA 15143
Telephone 1+ (724)-933-6650
Fax 1+ (724) 933-6099
email: moconnor@bgallc.net
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